O & A Reports and Headlines

Otis & Ahearn's unique synergy of residential brokerage and new development sales & marketing services has made us the trusted advisor to real estate developers, investors, and financial institutions. At the foundation of that trust is our dedication to detailed market data. Our in-house research analysts focus on the Downtown Boston, Urban Emerging and select Suburban real estate markets. They produce numerous reports including our Weekly Market Update, Leverage Trends, and S.U.R.E. Trends. This comprehensive business approach to real estate data analysis is unparalleled in our market.

O&A View

The 2012 Downtown Boston condominium market is mostly on par with 2011.  The median selling price is up 3% YTD and transactions, absorption and average selling price are within 1% +/- the prior year.  While other areas of the State and the Nation have excess inventory, fueled by foreclosures, Downtown Boston is an opposite circumstance.  As contrarian as it sounds, there is a shortage of inventory in Downtown Boston as foreclosures are for all intents and purposes non-existent.  At year-end, the Quarterly Inventory of available for sale condominiums in the major neighborhoods of Downtown Boston was at its lowest point in the past decade. (see table below  -  source LINK) 

During the period 2001-2008 numerous new condominium developments were proposed, permitted and built adding to the available inventory.  During that period values increased dramatically.  With the Financial Crisis and Great Recession new development stalled, inventory fell and values held.  A review of current inventory listed in Downtown Boston shows 20% fewer properties available YTD* and demand has remained strong, as values have held.  Upward pressure on values will continue.  Tight inventory in Downtown Boston will place pressure on Buyers to be prepared to make quicker decisions and potentially pay higher prices than expected on the right property as the market becomes more competitive. 


For a copy of Otis & Ahearn's Downtown Boston Condominium Weekly Report, click here to request. 
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O&A View

Transactions and the median sales price YTD 2012, have caught up and are slightly ahead of 2011.  Sales absorption and average sales price continue to trail 2011 yet making gains week over week. In a review of transactions in Downtown Boston, Midtown is experiencing a second phase of development as a luxury 24/7 residential neighborhood.  Sales absorption, transaction volume, average price at $1,132,406 YE 2011 and $1,054,796 YTD 2012 is the second highest Downtown behind Back Bay.  Currently underway are two large apartment projects Kensington Place and Hayward Place both on Washington Street.  Further down Washington at One Franklin Millennium Partners has taken control of the Filene’s site and is reworking plans for a 600 foot tower of retail, office and residential space.


For a copy of Otis & Ahearn's Downtown Boston Condominium Weekly Report, click here to request. 
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O & A Insights

Change in Guidelines for Mortgage insurer could be good news for ...

According to a recent article in the Boston Herald there may be changes ahead in the guidelines for mortgages insured by the FHA.  Established as part of the National Housing Act of 1934, the

Home sales up in Massachusetts for 12th month in a row

According to a story in the Boston Globe April "was the 12th straight month of such gains, th

Hayward Place from above

Hayward Place is a 155 foot tall residential building currently under construction on Washington Street in Downtown Boston.  

$12.5 Million Record Setting Sale for The Commonwealth of ...

JMC closes 15 Commonwealth Avenue, Boston MA for $12.5 Million - sets record in Massachsetts, ytd 2012. 

For more information, click the link below.

15 Commonwealth Avenue, Closes for US$12.5 million, the Year’s ...

One of Boston’s most historic and architecturally important homes, 15 Commonwealth Avenue, has sold for US$12.5 million.

Highest single family sale year to date in Boston closed today; ...

Listing agent Jeannemarie Conley described 15 Commonwealth Avenue as: "A truly breathtaking mansio

Confused about the supply of Rental Apartments in Boston?

Was just doing a little research on Craigslist for rentals in the South Snd of Boston and noticed something odd....there were A Lot of apartments available.

Back Bay Boston Condo Price Trends

And here is the data on Average price trend in the Back Bay:

 

Follow the Boston Fire and Police Departments

With the recent fire and blackout of the Back Bay residents of Boston saw where their tax dollars go and really payoff.

The Boston Seaport expands again with Apartments, Office and Hotel.

The recently acquired land at the corner of Seaport Blvd.and Boston Wharf Road will, after construction is complete, be the home to 300+ new residents, workers and Hotel guests.

What to Expect in Boston Luxury Rentals by Neighborhood

Here is a compilation of the rental data for six Downtown Neighborhoods using data for 2011 from the MLS/Pin rented listings.

Beacon Hill Rental Data from MLS/Pin

Are you going to be in the market for an apartment rental in Downtown Boston this year?  Here is a quick snapshot of what happened in Beacon Hill in 2011 from the available data in the MLS/Pin